The ONS economic data is also expected to show that the unemployment rate remained steady at 4.5 per cent, its lowest level since July 1975.

On Thursday, the ONS is also tipped to reveal that the 0.6 per cent rise in retail sales seen in June tailed off sharply in July, up just 0.2 per cent. Bad weather is thought to have deterred shoppers from hitting the High Street.

Consumer spending helped power the British economy out of the last recession and has been the main driver of growth.

However economists expect that it will fade as household finances are further squeezed.